Yes, that’s right! While banks often shying away from extending credit facilities to social media influences, the folks at Social are up to quite the opposite! They have recently launched a credit card that is available only to the digital gang and cannot unfortunately not procured by the ordinary masses.
Called the ‘Karat Black Card,’ the facility comes with no-annual-fee and requires you to pay your balance in full each month and doesn’t allow you to revolve your balance. While there are no specific criteria for approval, the card is granted after analyzing several data points ranging from the number and quality of your subscribers and so on.
On average, to avail of the option, YouTubers should have at least 100,000 followers, Instagrammers should have at least 125,000 followers, and TikTokers should have a whopping 2.5 million followers. It is also estimated that the average cardholder should possess an annual income of more than $500,000.
Commenting on it, Will Kim, co-founder of the Karat Black Card, said, “The traditional financial product doesn’t understand creators,” he further added, “This is a new type of business, a $15 to $20 billion industry, and there are millions of creators, and they make lots of money. Traditional financial institutions don’t fit their model.”
With features such as customized rewards, welcome offers, and zero foreign transaction fees, the Karat Black Credit Card is a steal! If you’re an influencer who fits the bill, consider getting your hands on it, maybe?